More Upside for Spectra Energy ?

Published on Monday, 23 January 2012 13:34 Written by TradersHuddle Staff

New York, January 23rd (TradersHuddle.com) - Shares of Spectra Energy Corporation (NYSE:SE) booked a new 52 week high today by trading above $31.61, traders are definitely monitoring Spectra's price action to see if this move attracts further buying into the stock.

Spectra Energy Corporation (NYSE:SE) transmits, stores, distributes, gathers, and processes natural gas. The Company provides transportation and storage of natural gas to customers in various regions of the northeastern and southeastern United States, the Maritime Provinces in Canada and the Pacific Northwest in the United States and Canada, and the province of Ontario, Canada.

Spectra Energy is currently trading 0.51% versus its previous trading session close, and it has calculated support and resistance at $27.95 and $31.33 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.21% from its previous trading close, which means that Spectra Energy stock is outperforming the overall market.